PAKISTANS COMPETITIVENESS INDEX IN WORLD ECONOMICS FORUM (WEF)Pakistan has been ranked at 129 out of the 144 economies around the world in the World Economic Forums (WEF) Global Competitiveness Report (GCR) 2014 2015, released on the 3rd of September. Pakistans raking was 133 during previous year 2013.The security situation remains alarming and Pakistan is the third least safe of all countries covered, the report stated.According to the GCR 2014-15, Pakistans overall ranking on the competiveness index has remained essentially the same since last year, following two consecutive years of decline. The country came in at 129 on the list of 144 nations.The country, meanwhile, came in at 139 on the list of nations ranked according to the business cost of terrorism and 132 according to the business cost of crime and violence.Pakistan, however, obtained low marks in the most critical areas of competitiveness. The countrys public institutions in particular are constrained by red tape, corruption, patronage, and lack of property rights protection, the report noted.And while Pakistans ranking remained stable, it still stands towards the bottom of the index. All other South Asian nations came in higher than Pakistan as well.According to the report, inadequate infrastructure, corruption and inefficient government bureaucracy remain the most problematic factors for business in Pakistan. Policy instability, access to financing and government instability were other important factors hurting the business environment in the country.In terms of power supply, Pakistan stood at 133, among the bottom eleven countries. Bribery remains a matter of serious concern as well and Pakistan was placed at 123 in this regard. In terms of favouritism by government officials, Pakistan was ranked 101 on the list.On the other hand, the GCR 2014-15 said Pakistans macroeconomic situation had improved compared to last year due to a lower inflation rate and smaller budget deficit. The situation still remains dismal, however, and Pakistan was ranked 137 in terms of macroeconomic indicators.The countrys standing did not improve much in terms of infrastructure as well and it stood at 119. Its performance in terms of health and education, meanwhile, was among the worst. In terms of infant mortality, Pakistan came in at 137, the worst outside Sub-Saharan Africa. Pakistan also has one of the worst enrollment rates in the world and came in at 132 on the index.Pakistans competitiveness was further penalised by the many rigidities and inefficiencies of its labour market. The country came in at 132 in terms of this indicator, although this was six notches above its standing the previous year.On the technological readiness index, Pakistan ranked 114. The country also has the fifth lowest rate of female participation in the labour force, according to the report.On the upside, the country performed comparatively better in areas such as financial development where it ranked 72 and business sophistication where it came in at 81.In its annual assessment of the factors driving countries productivity and prosperity, the report identifies uneven implementation of structural reforms across different regions and levels of development as the biggest challenge to sustaining global growth.Talent and innovation are two areas where leaders in the public and private sectors need to collaborate more effectively in order to achieve sustainable and inclusive economic development.